I enjoyed reading it. I can see why some might say he and his book represent “bears”, but I think Robert Shiller is more about rationality and why the public’s perception of a possible infinite growth is just a dream.

I think this second edition came out in 2005, some time before all the talk about housing bubble bursting, but his analysis would correctly note the inevitable fall of the housing market.

I liked the fact that the historic prices used by him was adjusted to the consumer price index. I think this is really important for the true analysis of value growth (or shrinkage). You just can’t compare the face currency values in the historical senses.

Unfortunately I don’t think this book will change that much. We are, after all, irrational being (only being able to be rational for a short period of time).